TSX.V: N OTCQX: NXTTF
VANCOUVER, June 27, 2012 /CNW/ - Next Gen Metals Inc. ("Next Gen") TSX.V: N has elected to terminate its option Agreement with Pacific North West
Capital Corp. ("PFN") on the Destiny Gold Project in Val d'Or, Quebec.
The Destiny Gold Project is located 75 km north of Val d,Or, Quebec,
and was held under option from PFN. Next Gen Metal Inc. decided it
would be in the best interest of the company to not pursue additional
exploration on this property in order to focus its efforts on an
aggressive acquisition program and exploration of its other existing
The 2012 drill program was designed to test the 1 km long area between
the DAC Deposit and the Darla Zone at shallow depths and consisted of
3,472 m in eighteen holes. The objective of the drill program was to
increase the contained ounces on the Destiny Property at shallow
depths. The presence of gold mineralization between DAC deposit and
Darla Zone was confirmed by the 2012 drill program but the results did
not meet the Company's expectations.
Advancing the project would require extensive infill and exploration
drilling, which Management believes is not in the Company's best
interest at this time.
On behalf of the Management of Next Gen Metals, I want to thank Alto
Ventures Ltd. ("Alto") (TSX.V: ATV) and Pacific North West Capital
Corp. ("PFN") for their time and efforts during the option agreement.
Alto Ventures and PFN have been excellent partners and we are pleased
to have worked with them on the Destiny Gold Project.
Qualified Person Statement
This news release has been reviewed and approved for technical content
by Ali Hassanalizadeh M.Sc. P.Geo, MBA a qualified Person under the
provisions of National Instrument 43‐101.
About Next Gen Metals Inc.
Next Gen, http://www.nextgenmetalsinc.com, is a mineral exploration company whose current focus is on silver,
gold and base metals projects in North America.
On behalf of the Board of Directors
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release..
Note: this release contains forward-looking statements that involve
risks and uncertainties. These statements may differ materially from
actual future events or results and are based on current expectations
or beliefs. For this purpose, statements of historical fact may be
deemed to be forward-looking statements. In addition, forward-looking
statements include statements in which the Company uses words such as
"continue", "efforts", "expect", "believe", "anticipate", "confident",
"intend", "strategy", "plan", "will", "estimate", "project", "goal",
"target", "prospects", "optimistic" or similar expressions. These
statements by their nature involve risks and uncertainties, and actual
results may differ materially depending on a variety of important
factors, including, among others, the Company's ability and
continuation of efforts to timely and completely make available
adequate current public information, additional or different regulatory
and legal requirements and restrictions that may be imposed, and other
factors as may be discussed in the documents filed by the Company on
SEDAR (www.sedar.com), including the most recent reports that identify important risk
factors that could cause actual results to differ from those contained
in the forward-looking statements. The Company does not undertake any
obligation to review or confirm analysts' expectations or estimates or
to release publicly any revisions to any forward-looking statements to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Investors should not place undue
reliance on forward-looking statements.
SOURCE Next Gen Metals Inc.
For further information:
Please send requests for further information to:
Ali H.Alizadeh, Vice President Exploration
Next Gen Metals Inc.